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Victrex posts good first half results but warns tougher times ahead

Victrex posts good first half results but warns tougher times ahead

Highly rated specialist plastics group Victrex (LON:VCT) gave its fans mixed news today.

First half results to March were good but it warned a tougher second half lay ahead.

The group produces PEEK, a highly resistant form of plastic which is used to make parts in a number of industries including aerospace and medical.

Broker JP Morgan said: “Victrex’s pre-close trading statement continues the positive theme of the year so far.”

It has raised the company’s target price to 1,900p from 1,800p to “reflect the stronger than previously anticipated volume development.”

Interim revenues were £130mln, 9% higher than at the halfway stage a year ago but they lagged volumes that rose by 28% up to 2,208 tonnes despite lower sales into the oil and gas industry.

The Invibio medical business also recorded lower revenue, 4% lower than in the first half of 2014. 

David Hummel, chief executive said overall it was a good first half performance, but the comparisons with last year get tougher from here. 

Shares in Victrex shed 1% to 2,020p.

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